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  • OMV no longer pursues investments in Russia
    édité le 08/03/2022 - Plus de news de "OMV" - Voir la fiche entreprise de "OMV"


OMV no longer pursues investments in Russia
   - Russia will no longer be a core region
   - Strategic options for Yuzhno Russkoye to be assessed including possibilities to divest or exit
   - Achimov interest in West Siberian gas field Urengoy will no longer be pursued
   - Value adjustments for Yuzhno Russkoye and for receivables from Nord Stream 2 AG
   - Total value adjustment of EUR 1.5 bn – EUR 1.8 bn anticipated

“The war in Ukraine is a tragic and perilous situation that is causing great suffering for many and that we view with the utmost consternation. Our deepest sympathies go out to all of the direct and indirect victims of Russia’s military action. We call for the end of all hostilities. It is only in peace that there can be freedom and wellbeing”, said Alfred Stern, Chairman of the Executive Board and CEO of OMV.

In light of the latest developments, OMV is reevaluating its engagement in Russia. While Russia has been one of the core regions in OMV’s Exploration & Production portfolio, the Executive Board has taken the decision not to pursue any future investments in Russia. Furthermore, a strategic review of its 24.99% interest in Yuzhno Russkoye will be initiated. This review comprises all options including possibilities to divest or exit. As a consequence, OMV expects value adjustment of EUR 0.5 – 0.8 bn (as of December 31, 2021). This non-cash value adjustment will impact the reported Operating Result in the first quarter of the current financial year. With this, OMV reduces its net asset value in Russia (remaining Yuzhno Russkoye value) to around 2% of OMV’s total fixed assets and at-equity participation value.

OMV has already ended all negotiations with Gazprom about the potential purchase of a 24.98% stake in blocks 4A/5A of the Achimov-Formation in the Urengoy gas and condensate field and the Basic Sale Agreement from October 3, 2018 has been cancelled.

In addition, OMV will recognize a value adjustment charge of EUR 987 mn (loan plus accrued interest as of December 31, 2021) due to the fact that receivables from Nord Stream 2 AG may be unrecoverable. This is a non-cash value adjustment that will impact reported Earnings before Taxes in the first quarter of the current financial year.

OMV takes its responsibility to supply Europe and Austria with natural gas seriously. Households, institutions, and the industrial sector rely on dependable gas supplies, including gas from Russia which is supplied under longstanding contracts. OMV is working to identify and develop additional sources of supply.

OMV will ensure compliance with all applicable sanction regulations and legal provisions at any moment.

About OMV Aktiengesellschaft

OMV produces and markets oil and gas, as well as chemical products and solutions in a responsible way and develops innovative solutions for a circular economy. With Group sales revenues of EUR 36 bn and a workforce of around 22,400 employees in 2021, OMV is one of Austria’s largest listed industrial companies. In Exploration & Production, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, and Asia-Pacific as core regions.
Daily average production was 486,000 boe/d in 2021 with an emphasis on natural gas. In Refining & Marketing, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and ADNOC Global Trading, with a total processing capacity of around 500,000 bbl/d. Furthermore, OMV operates about 2,100 filling stations in ten European countries and runs gas storage facilities in Austria and Germany. In 2021, total natural gas sales volumes amounted to 196 TWh.
In Chemicals & Materials, OMV, through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and the mechanical recycling of plastics. The company supplies services and products to customers around the globe through Borealis and its two important joint ventures: Borouge (with ADNOC, based in UAE and Singapore) and Baystar™ (with TotalEnergies, based in the US).
Sustainability is an integral part of OMV’s corporate strategy. OMV supports the transition to a lower-carbon economy and has set measurable targets for reducing carbon intensity as well as for the implementation of new energy and petrochemical solutions.


Origine : Communiqué OMV

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